The Kwara State Government has received a total inflow of N2, 886,631,784.67k as federal allocation for the month of March, according to a statement issued by the Press Secretary in the state Ministry of Finance, Babatunde Toyin Abdulrasheed.
The allocation comprises statutory revenue allocation SRA (Gross) of N1,967,500,363.58k; deductions (loans) of N1,268,042,679.71k; SRA (Net) of N699,457,683.87k; Value Added Tax (VAT) of N1,665,520,784.67k; Excess Bank charges of N33,391,774.95k and Non Oil Revenue of N488, 261,483.95k
According to the statement, March allocation figure is higher by N291, 079,653.10k when compared with last month, but still represents a worrisome downward trend in revenue.
16 LGs get N2.5bn
The statement said the 16 local government areas also received a total sum of N2, 546,039,717.27k (net) as federal allocation for the month of March.
The figures comprise SRA (Gross) N1,297,699,856.05k; Deductions N37,797,083.19k; SRA (Net) N1,259,902,772.86k and VAT N943, 514,314,.35; Excess Bank charges of N21,302,611.76k and
Non Oil Revenue of N321, 320,018.30k
It added that the figure is higher by N182, 075,917.36k when compared with last month allocation, even though it means the LGAs will need extra funds to pay 100% salary.
Kwara State gets N2.8b Federal allocation for March